Personal loan news and advice

All the latest personal loan news and top tips to help you manage your personal loan.

NOW FINANCE drops fee-free personal loan

NOW FINANCE drops fee-free personal loan

Today, Aussie lender NOW FINANCE introduced a no fee feature on its personal loan. That’s right, no fees. For customers applying for the NOW FINANCE Unsecured Personal Loan, and borrowing between $5,000 and $15,000, there are no fees at all. Meaning borrowers won’t pay establishment fees, ongoing fees or an early repayment penalty. However, for loans over $15,000 customers will pay fees, including a $495 upfront cost and $13 monthly service fee. So, if you’re on the hunt for a small personal loan, introduce yourself to NOW FINANCE’s newest fee-free offer:

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Do green loans stack up against regular loans?

Do green loans stack up against regular loans?

In the current world we live in, it’s no surprise that many Aussies are looking to go green. While it’s unlikely that recycling, composting or steering away from single-use plastic will cost you an arm and a leg, other efforts come with a heftier price tag. Meet the green personal loan.  Whether you’re installing solar panels, getting a water tank or even making the switch to an eco-friendly car, these loans are designed to make your sustainable dream come true. 

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How a short-term personal loan could save you money

How a short-term personal loan could save you money

There are obvious perks to choosing a shorter personal loan term - it takes you less time to pay down your loan plus you pay less in interest over the life of your loan. But what if you could also receive a lower interest rate for choosing a shorter term? Well, the good news is, with some lenders you can.Last week, personal loan lender SocietyOne introduced a tiered pricing system that does just that. Not only does it reward customers for their good credit history but also gives them an extra pat on the back for choosing a shorter term. On it’s Unsecured Personal Loan (Fixed), the lender offers a competitive 7.99% (9.25% comparison rate*) on it’s 5-year loan term. However, for customers that choose to borrow for 2 or 3 years, they offer a low 6.99% (9.00% comparison rate*). Want to find out more about this loan? Read below!

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Don’t get stung by high personal loan rates

Don’t get stung by high personal loan rates

Many Aussie personal loan lenders have slashed rates over the last 12 months, with many hitting all-time lows. But the truth is, some rates remain stubbornly high, which means that you could be missing out on a better deal by not shopping around.

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Personal loan lender RateSetter becomes ‘Plenti’

Personal loan lender RateSetter becomes ‘Plenti’

Technology-led personal loan and car loan lender RateSetter has rebranded to ‘Plenti.’ For five years, RateSetter assisted 80,000 households by offering a range of competitive loan options. Now, the new ‘Plenti’ aims to help many more. Plenti chief executive officer, Daniel Foggo says the change in brand is a reflection of the company’s ambitions for the future rather than where they started.

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Top personal loan tips and traps

Top personal loan tips and traps

Personal loans are likely to become increasingly popular in coming months as Australians look to consolidate debt, finance long-planned home projects while in shutdown or simply avail themselves of some extra cash in these economically tough times. 

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Personal loan question: Is secured or unsecured right for me?

Personal loan question: Is secured or unsecured right for me?

If you’re on the hunt for a personal loan, one question that may be on your lips is, should I choose a secured or unsecured loan? Ultimately, the type of loan you choose could influence things like the interest rate you receive, what you can borrow for and what fees are attached to the loan. So which personal loan is right for you? Let’s break it down: If you have some assets, like a car or a home, you may qualify for a secured personal loan. An example of a typical type of secured loan is a car loan, used to purchase either a new or pre-loved car. Because you are putting up your goods as collateral, these types of loans often come with lower interest rates and fees. According to the Mozo database, the current secured variable rate averages sit at 9.04% (not including car-specific loans) and 7.62% (including car-specific loans). However, it’s important to bear in mind that providers of secured loans are able to seize your assets if you default on your loan.On the flip side, if you don’t have assets to secure against your loan, or you don’t want to put up your car or home as collateral, you could opt for an unsecured personal loan. You might use this type of loan to fund something like a home renovation or to cover an outstanding medical bill. While borrowers aren’t required to risk their assets against the loan, unsecured loans often have higher fees and interest rates attached to them. For example, at the moment the average variable unsecured personal loan rate on the Mozo database is 10.75%. What secured and unsecured personal loans are on the market at the moment? Check out these competitive options below.

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Alex arrives with a competitive personal loan

Alex arrives with a competitive personal loan

Say hey to Alex. The newest Aussie digital lender in the personal loan game. Unlike other aspiring neobanks who kicked off with transaction and savings accounts, Alex switched things up and introduced its inaugural product: the Alex Personal Loan. Currently on the Mozo database, the average unsecured fixed personal loan rate sits at 10.46%. However, the Alex Personal Loan comes with fixed rates starting as low as 6.95% (7.37% comparison rate*). “We're operating in that prime lending space so we really are here for borrowers who really want to be responsible with money,” founder and chief financial officer of Alex, Craig Fenwick said. “We offer loans from $2,100 all the way up to $30,000 and potentially larger amounts in time as well, at terms that are based on the customer's requirements. So we try to personalise loans by offering simpler and fairer credit.” If you want to learn more about this killer personal loan product, take a peek below!

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